Do Free Markets Still Beat Central Planning? — Andrew Sheng and Xiao Geng

Summary:
Institutional arrangements are complex systems, shaped by history, geography, and culture. The objective should not be to identify a one-size-fits-all approach, but rather to devise the combination of characteristics that would deliver the greatest good for the greatest number of people, with the right checks and balances.Should-read. Adopts the world system POV without calling it that. This approach emphasizes unity in diversity. This requires a multilateral approach rather than a unipolar one. This requires multi-dimensional thinking based on feedback rather than a uni-dimensional approach based on imposing an ideology as dominant.Project SyndicateDo Free Markets Still Beat Central Planning?Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong

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